Garrett Mountain deal sealed

Asset commands nearly $132 per square foot

Garrett Mountain Trust sold a 174,728-square-foot office building in West Paterson, N.J., for $23 million. The 10-story property, One Garrett Mountain, was purchased by a joint venture between Mountain Development Corp. and Meritage Properties. It is located immediately off Exit 56 of Interstate 80. At the time of sale, the property was 82.8 percent leased to eight tenants, including North Jersey Media Group (73,458 square feet); PNC Bank N.A. (48,865 square feet); Norton, Arpert, Sheehy & Higgins P.C. (7,058 square feet); Klein Insurance Services Inc. (3,234 square feet); and Kalman Harris Geist (1,741 square feet). CB Richard Ellis' New York Tri-State Investment Team, which represented the seller in the transaction, specializes in the sale of investment properties in the suburban markets surrounding New York City as well as select regional markets throughout the country. ...

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